Summit Global Investments Cuts Holdings in The Allstate Co. (NYSE:ALL)

Summit Global Investments lowered its stake in shares of The Allstate Co. (NYSE:ALL - Free Report) by 80.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,796 shares of the insurance provider's stock after selling 11,675 shares during the period. Summit Global Investments' holdings in Allstate were worth $391,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. raised its stake in shares of Allstate by 1.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 47,248 shares of the insurance provider's stock valued at $5,264,000 after acquiring an additional 466 shares during the period. Pinnacle Associates Ltd. bought a new stake in shares of Allstate during the third quarter valued at approximately $209,000. Stratos Wealth Partners LTD. boosted its holdings in shares of Allstate by 21.6% in the third quarter. Stratos Wealth Partners LTD. now owns 9,032 shares of the insurance provider's stock valued at $1,006,000 after acquiring an additional 1,607 shares in the last quarter. Brown Advisory Inc. increased its position in shares of Allstate by 6.5% during the 3rd quarter. Brown Advisory Inc. now owns 29,311 shares of the insurance provider's stock valued at $3,266,000 after purchasing an additional 1,800 shares during the period. Finally, Forsta AP Fonden grew its holdings in Allstate by 2.5% during the third quarter. Forsta AP Fonden now owns 57,400 shares of the insurance provider's stock worth $6,395,000 after acquiring an additional 1,400 shares during the period. 76.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider John E. Dugenske sold 31,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the completion of the sale, the insider now owns 63,731 shares in the company, valued at approximately $10,847,016.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO John C. Pintozzi sold 4,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $159.47, for a total value of $637,880.00. Following the transaction, the chief accounting officer now owns 10,736 shares of the company's stock, valued at approximately $1,712,069.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John E. Dugenske sold 31,000 shares of the company's stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $170.20, for a total transaction of $5,276,200.00. Following the completion of the transaction, the insider now owns 63,731 shares of the company's stock, valued at $10,847,016.20. The disclosure for this sale can be found here. Insiders own 1.80% of the company's stock.

Allstate Stock Up 1.1 %

Shares of ALL traded up $1.90 during trading hours on Monday, reaching $170.08. The stock had a trading volume of 1,183,243 shares, compared to its average volume of 1,680,631. The company has a market capitalization of $44.89 billion, a price-to-earnings ratio of 37.55, a P/E/G ratio of 0.39 and a beta of 0.51. The firm has a 50-day simple moving average of $166.27 and a 200 day simple moving average of $151.59. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. The Allstate Co. has a 12 month low of $100.57 and a 12 month high of $177.37.

Allstate (NYSE:ALL - Get Free Report) last posted its earnings results on Thursday, May 2nd. The insurance provider reported $5.13 EPS for the quarter, topping the consensus estimate of $4.11 by $1.02. The company had revenue of $15.26 billion during the quarter, compared to the consensus estimate of $12.76 billion. Allstate had a net margin of 2.31% and a return on equity of 14.44%. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.30) earnings per share. Equities research analysts predict that The Allstate Co. will post 14.57 earnings per share for the current fiscal year.

Allstate Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 4th were paid a $0.92 dividend. This is a positive change from Allstate's previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Friday, March 1st. This represents a $3.68 annualized dividend and a yield of 2.16%. Allstate's dividend payout ratio (DPR) is 81.24%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Piper Sandler boosted their price objective on shares of Allstate from $172.00 to $188.00 and gave the company an "overweight" rating in a research report on Monday, April 1st. JPMorgan Chase & Co. upped their target price on shares of Allstate from $185.00 to $193.00 and gave the company an "overweight" rating in a research note on Thursday. Keefe, Bruyette & Woods lifted their price objective on Allstate from $181.00 to $189.00 and gave the stock an "outperform" rating in a report on Wednesday, April 10th. BMO Capital Markets increased their price target on shares of Allstate from $140.00 to $158.00 and gave the stock a "market perform" rating in a research report on Friday, January 19th. Finally, Wells Fargo & Company boosted their target price on shares of Allstate from $145.00 to $146.00 and gave the company an "underweight" rating in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $174.18.

About Allstate

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.